Blue Monday; but resolve to get out of the red is keeping Brits optimistic

It may be Blue Monday (January 22) but it’ll take more than the unhappiest day of the year to dampen Britain’s spirits, according to a major psychological study. It reveals that 85 per cent of Brits feel optimistic about the year ahead; largely due to a firm resolve to sort out their finances.

The last year has seen a huge shift in attitudes to financial management, according to the Freestyle Happiness Index, commissioned by Standard Life Bank.

In 2006 ‘clearing debts’ ranked in sixth place in Britain’s Happiness Mantra – our top ten ways to be happier people, while achieving financial security was in eighth place. But this year managing money has moved right up the happiness agenda, overshadowing marriage, children and retirement.

‘Clearing debts and ‘achieving financial security’ are now the third and fourth top tactics for being happier. ‘Paying off the mortgage” has also been added to the happiness top ten.

A separate survey of independent financial advisers for Standard Life Bank supports the findings of the Freestyle Happiness Index. The majority of advisers questioned (49 per cent) stated that financial insecurity was the biggest obstacle to people’s happiness, ranking it above both time and work.

Ashley Ramsay, Marketing Manager, Standard Life Bank, said: “The research shows a really positive shift in attitudes towards financial management. Whereas previously it ranked pretty low on people’s agendas, people are recognising that financial security would make them feel happier.

“While people acknowledge that money won’t buy happiness, they’re realising that it can get in the way. In fact, 70 per cent of people say that its money, not time, that’s the biggest obstacle to happiness for them8 and their resolve to sort out their finances is helping them feel much more optimistic about the future.”

As well as organising their finances, Freestyle Happiness Index shows Brits will look to make large-scale lifestyle changes this year in their pursuit of happiness. Their full Happiness Mantra, 2007 is detailed below:

Start a new hobby/past time
Have more fun at work
Clear debts
Achieve financial security
Change from full time to part time work
Pay off mortgage
Have children
Stop working/retire
Get married
Gap year/sabbatical

The Freestyle Happiness Index was commissioned by Standard Life Bank and compiled by the Centre for Future Studies. It conducted the research in two stages firstly using the laddering technique ‘mindreaders’ to unlock emotions and actions and secondly creating a battery of statements that could be quantified with literary research.

Standard Life Bank carried out the research because it is seeing increasing numbers of homeowners drawing down on their mortgages to make lifestyle changes.